According to the Wall Street Journal, SoftBank Group founder Masayoshi Son’s surprise plan to remain firmly at the helm of the internet and telecoms giant for possibly 10 more years was warmly received on Wednesday, with investors unfazed by the loss of his high-profile heir apparent.
Son, 58, had planned to retire at 60 and last year named Nikesh Arora, a former Google executive as his successor. Arora announced late on Tuesday that he was resigning as president, just two years into his stint after Son made clear that he was unwilling to relinquish the reins in the near future.
Arora had earned praise for bold investments and his efforts to improve SoftBank’s balance sheet with large asset sales. But his bumper pay, over $200 million in compensation in the last two years, had rankled with some investors who contrasted it with the firm’s overall weaker performance.